Institutional investors have talked a lot about the so-called “yen carry trade” over the past couple of years. But that’s really just been a warm-up act for a much bigger story. I’m talking about the “yuan carry trade.”

What’s $78 Billion among friends? Currencies fade with bias to buy Gold…  Could the Carry Trade Unwind be done?  And Now… Today’s Pfennig!

Another currency rally….  SNB cuts another 50 BPS!  Budget Deficit continues to widen!  Treasury yields go south for the winter! And Now… Today’s Pfennig!

Will -533K turn to -600K? … A glimmer of light brings back risk takers…  Another week of data…  Fedspeak today… And Now… Today’s Pfennig!